Cash Dash

[Phils]

I agree that something isn't right, as another "brand" of stocks went at the same time and they were transferred. I sent the stocks as directed to the broker. They obviously goofed up something. These stocks are in the name of a trust, and I am the new trustee since the death of my father. They only needed to change the name of the trustee. After further thought I called the broker but he hasn't yet returned my call (and it'll probably be next week until he does). I don't know that I can hold them responsible for damages as I don't know what the damages are, since we'll apparently get the stocks back eventually. After I question them more I expect I'll be closing the account with them at the least.

Phil

 

[SnowRidge]

From my own experience dealing with a nearly identical situation, also in California . . .

Be extremely careful filling out the forms. If there is even the slightest error, the state will send it all back to you. You then get to correct it and send it all back in, and it goes back to the bottom of the pile. It's just like starting over from scratch -- doubles the total time, at least.

This is true even if the mistake was due to sloppy or ambiguous instructions on the state's part, or if the escheatment was improper in the first place. It doesn't matter.

And they will not pick up the phone and call you to clear something up./forums/images/graemlins/mad.gif

Document everything. Send it certified or registered (I forget which is best) and get a delivery signature.

I need a beer from just thinking about that process. /forums/images/graemlins/crazy.gif /forums/images/graemlins/tongue.gif /forums/images/graemlins/wink.gif

 

[Phils]

Thanks for the tip, Snowridge. I get more pi**ed the more I think about it, so I'm heading home now .... your beer suggestion has merit.

I will document carefully and record everything (doing that is much of what I do as an insurance agent anyway).

CU all next week.

Phil

 

[Phils]

Well, I asked some questions this morning but got few answers:

How/why did this happen? (they don't know)

What systems are in place for stock certificates, as these were turned over to the state by the transfer agent last November and this national financial services firm didn't know about it until I started asking a month ago? (they are checking on that)

What happens to any splits/dividends while they are in possession of the state? (they don't know)

Will I be receiving a letter of explanation/apology? ("of course!" but why do I think the letter won't come that easily?)

This looks to be the beginning of an ordeal I could've done without.

Phil

 

[MicroPilot]

Heres a link to a site that several states are cooperating in running to return unclaimed property.

missingmoney.com

 

[SnowRidge]

You have my full sympathy. When I went through it, the state paid interest on the money. It wasn't quite market rate, but it wasn't too bad, as I recall. I have no idea how they handle stocks, though.

Depending on how much money is involved, it might be worth discussing your situation with an attorney. It never hurts to know what your rights are in these sort of instances.

 

[Phils]

I may discuss it with an attorney, but first thing will be to just ask this financial firm to "fix it". I'm inclined to believe that since it's gone to the state they won't be able to. I hope I'm wrong.

With an attorney, there would need to be a provable loss, wouldn't there? Other than hassle and fees, I don't see where I could prove such a loss. Since the state has acknowledged possession, and since I have all the legal documents establishing ownership, it will likely just be a matter of (a long) time before I get the stocks back. They will likely be worth more then too.

It sounded on the phone this morning that I caught this registered rep with his pants down. I'm suspecting the fault lies with the assistant that isn't there now, but as the buck has to stop somewhere I'll likely be asking to speak to his superiors. Unless he calls and says "it's all fixed, sorry for the mistake".

Phil

 

[SnowRidge]

I'm not suggesting you have to sue. I'm just suggesting that it may be worth paying $150 -- 200 for an hour of the right kind of attorney's time to make sure that you know what your rights, responsibilities, and options are. For myself, if it was a significant amount of money, I would pay a few bucks to get a professional legal opinion.

 

[Phils]

Thanks, Snowridge. My accountant used the term "sue" when I told him of this, and "sue" is what I usually associate with attorneys. Your suggestion is appreciated. Depending on what the broker says in his next call, I may be looking to pay a couple of hundred dollars to find out our rights and reasonable expectations.

I don't fault anyone for making a mistake. It's always how the mistake is handled/corrected that means more to me. Maybe it'll all be corrected painlessly and soon.

Phil